All Forum Posts by: Mike Reynolds
Mike Reynolds has started 31 posts and replied 2028 times.
Post: Self storage- Family Re-Union. Deal 14?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Quote from @Henry Clark:
We don't use Cap rates. But for discussion purposes. $230,000 cash flow. At 7% cap rate. $3.2mm valuation. On a $1.6mm investment. Rent up should take about 3 years to get to 90%.
SBA loan at 10%. $1.6mm. Downpayment $160,000.
Commercial loan at 25%. Then $400,000 downpayment.
Curious, my banker told me I couldn't do an SBA loan if I did the work myself. Have you had this problem?
Post: Wholesaling in East Texas
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Quote from @Donna Smith:
Would like to connect with others and investors on wholesaling properties.
Are you a wholesaler or looking for one?
Post: AirBnB Revenue Collapse? Near 50% in some areas......?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
I don't do Airbnb but I have stayed in many. Some I have stayed in just because they are BP investors. I've enjoyed most every one of them.
I'm like @Jay Hinrichs though, the price has gotten very high lately. I see articles about how to buy a half million dollar house and make a hundred thousand the easy way and do no work type of hype. Not on BP so much but everywhere else. I wonder how many have fallen for this and now will have to pay the piper.
I have a lot of respect for our STR pros here and they will do fine I'm sure. Travel trends rise and fall all the time. I hope that's all this is. But I do think there needs to be a thinning of the herd from the get rich quick bunch that didn't think their deal all the way through.
Post: Off market RV Park in New Mexico
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Quote from @Murray Cohen:
A Unique, Turnkey, Value-add, Owner Financed Opportunity with Tremendous Upside and a Short Fuse
Owner financing of 6% amortized at 20 years, due in 5
Same owner for 27 years
Full Tax, P&L, and General ledgers for last four years available
Purchase at 11% cap rate
19%+ Cash on cash
Looking for investors or hard money lenders, preferably in the New Mexico area
Equity or debt positions available
$200-$400K needed for purchase and capital improvements
Short fuse
PM me for more details
What do you mean by short fuse?
Post: Cash-Flow Breakfast Club - Austin TX REI - Bigger Pockets Investor event
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Quote from @Omni Casey:
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I'll be transferred to Austin in August. I want to be in the loop please.
Post: Why is Arkansas Real Estate so cheap?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Quote from @Barry Westover:
Quote from @Mike Reynolds:
@Cameron McNulty I have wondered this too. My brother makes a good living flipping houses there. That is all he does. I have been thinking about investing there but have been a little spooked by the hype. He lives near Fayetteville but I don't know where he does most of his flips at. I may have to ask him as it is not that far from me.
WOW he lives 3hrs away almost from LR and does fix n flips? thats a drive and a half. I'd be interested in speaking with him about jv'ing if he is interested.
I did finally invest in the area though. MHPs and looking at RV parks lately. Little Rock, Beebe and Searcy area. Looking at Hot Springs too.
Post: Why is Arkansas Real Estate so cheap?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Quote from @Barry Westover:
Quote from @Mike Reynolds:
@Cameron McNulty I have wondered this too. My brother makes a good living flipping houses there. That is all he does. I have been thinking about investing there but have been a little spooked by the hype. He lives near Fayetteville but I don't know where he does most of his flips at. I may have to ask him as it is not that far from me.
WOW he lives 3hrs away almost from LR and does fix n flips? thats a drive and a half. I'd be interested in speaking with him about jv'ing if he is interested.
Unfortunately, he passed away last month. He had moved to Hot Springs and was building there for that boom.
Post: So what's holding you back?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Quote from @Frank Patalano:
Quote from @Mike Reynolds:
What's holding me back?
There are not enough hours in the week. If we could add another day in there I would be able to achieve even better.
I closed on a very large commercial property a month ago and looking at another next week. I don't care about the interest rate or whatever comes next. If the numbers work then they work.
I will say that it took me a long time to "get in the game". Same reasons as everyone else. I think I just didn't trust myself. You just have to jump in and get it done.
Sounds like you taking action, changed your life. Have you thought about adding an employee to the team to grow Reynolds Inc? Could be an acquisitions person or even a VA.
I think the first step would be to add me and the principals involved into paid employees. At the moment, we are working the company and keeping the proceeds for the next one.
We are already looking at another property that just might do that. It will be a development property that needs to be built out. Since that is my day job, I don't see why I couldn't build it myself.
We do have an on-site property manager that we are working with on one property though so I guess we do have one already.
Post: So what's holding you back?
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
What's holding me back?
There are not enough hours in the week. If we could add another day in there I would be able to achieve even better.
I closed on a very large commercial property a month ago and looking at another next week. I don't care about the interest rate or whatever comes next. If the numbers work then they work.
I will say that it took me a long time to "get in the game". Same reasons as everyone else. I think I just didn't trust myself. You just have to jump in and get it done.
Post: How to Structure an Equity sale in a new RV Park
- construction
- Nacogdoches, TX
- Posts 2,091
- Votes 1,164
Quote from @Logan Ingram:
Evening. I have been pouring over my numbers for over a year now and have it as dialed as I can get it. Its time to pull the trigger but I am not sure on the direction I want to go right this second.
I own the property out-right (118 acres), I have done all my market research, built my construction budget, built my pro-forma and projections and designed the whole thing. I have gotten all the variances and most of the permitting done, and practically have approval for the construction loan, I just MIGHT not have the cash to float construction for 12 months. My options are sell the whole project, bring in an equity partner, or just wait it out and hope I can prove I can float it. The bank is pretty much ready to go, I'm just cash strapped in another project.
I need some help, family. I am seriously considering doing an equity sale to someone who approached me. I have no idea how to structure this thing since everything is speculation at this point. They have asked if I would be willing to do it and I am strongly considering it. I could really use some help and guidance on how to structure this thing so that I am not giving everything up or creating a long-term problem for what is actually a short-term solution.
Any help at all would be greatly appreciated.
Imagine that. I have been thinking about building an RV park in AR but don't have the land. I also have dirt moving guy. Shoot me a pm.